§ 12-1001. Definitions
West's Annotated Code of MarylandCommercial LawEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Commercial Law, § 12-1001
§ 12-1001. Definitions
(f) “Consumer borrower” means an individual receiving a loan or other extension of credit under this subtitle for personal, household, or family purposes or an individual receiving a commercial loan or other extension of credit for any commercial purpose not in excess of $75,000, secured by residential real property.
(g)(1) “Credit grantor” means any individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity making a loan or other extension of credit under this subtitle which is incorporated, chartered, or licensed pursuant to State or federal law, the lending operations of which are subject to supervision, examination, and regulation by a State or federal agency or which is licensed under Title 12, Subtitle 4 of the Financial Institutions Article or is a retailer.
(h) “Debt cancellation agreement” means an agreement between a credit grantor and a borrower which provides for cancellation of the remaining loan balance in the event of theft or total destruction of the collateral for the loan minus the proceeds of any insurance maintained on the collateral for the loan or, if the borrower does not have insurance, the actual cash value of the collateral at the time of loss, determined as provided in the agreement.
Credits
Added by Acts 1983, c. 143, § 1, eff. July 1, 1983. Amended by Acts 1984, c. 255; Acts 1984, c. 738; Acts 1985, c. 115; Acts 1987, c. 394; Acts 1989, c. 830, § 2; Acts 1990, c. 458; Acts 1993, c. 404, § 2; Acts 1995, c. 213, § 2, eff. Sept. 29, 1995; Acts 1995, c. 395, § 2, eff. Oct. 1, 1995; Acts 2010, c. 611, § 2, eff. June 1, 2010; Acts 2012, c. 618, § 1, eff. Oct. 1, 2012; Acts 2012, c. 619, § 1, eff. Oct. 1, 2012; Acts 2020, c. 48, § 1, eff. Oct. 1, 2020; Acts 2020, c. 49, § 1, eff. Oct. 1, 2020; Acts 2023, c. 568, § 1, eff. July 1, 2023.
MD Code, Commercial Law, § 12-1001, MD COML § 12-1001
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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